May 16 BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM Price Analysis
A month after the first half, Bitcoin (BTC) increased by 7%, but after the second half, the price fell 10% in a month. If history were to repeat itself, it shows that CoinMarketCap’s top-ranked cryptocurrency will be volatile, but a big move in either direction is unlikely in the first month. However, derivative markets may give a sign that this time is different. According to Skew data, this week, the open position in CME Bitcoin options has increased by over 1000% since April to $ 142 million. This suggests that traders are expecting a sharp move in the price over the next few days.
On the three major futures exchanges, approximately $ 661.7 million of long positions are open compared to short positions of $ 252 million. This shows that futures traders adhere to their long positions as they are sure that Bitcoin can soon overcome the $ 10,000 psychological barrier. Rumors of negative interest rates also increased in the US, and a report published by Stack Funds shows that when negative rates become reality, institutional investors will be forced to look for alternative assets to earn higher returns.
Institutional interest is likely to increase, leaving Bitcoin behind the US exchanges by a large margin and doubling gold’s earnings to date. Bitcoin’s foundations continue to draw a bull picture, and derivative traders are also expecting a trend that defines a move to start soon. Let’s look at the charts to identify critical levels that can indicate the beginning of a new trend in large cryptocurrencies.
BTC / USD
Bitcoin (BTC) recovered sharply over the past three days and reached $ 9,941.68 on May 14. However, the bears do not want to let the bulls prevail. There is currently a solid resistance around $ 10,000.
However, the bulls continue to receive drops, which is a positive sign. Both moving averages are sloping upwards and the relative strength index is above 60, which indicates that buyers have superiority.
If the BTC / USD pair can come together between $ 9,200 and $ 10,000 for several days, it will increase the likelihood of a $ 10,600 rise towards the resistance line of the refraction and symmetrical triangle.
If the pair returns and drops below $ 9,200, this bullish view will be invalidated. This could drag the pair to the 20-day exponential moving average ($ 8,851) and the bearish trend line below it. A break below this support will be the first indication that the bulls are losing their power. A possible change in trend will indicate a break below $ 8,130.58.
Investors can follow the downward trend in RSI, which is a negative sign.
ETH / USD
Ethereum (ETH) rose above the 20-day EMA ($ 197) on May 13 and reached the bearish trend line on May 14. Although the bears tried to defend the downtrend line, the bulls did not take much space.
A rally to $ 227.09 is possible if the 2nd place cryptocurrency bounces off the 20-day EMA on the CoinMarketCap and rises above the downtrend line. This can offer investors an opportunity to buy.
However, if the ETH / USD rate drops below the 20-day EMA and the rising channel’s support line, it is likely to drop to $ 176.1. A break below this critical support may indicate that the downtrend has begun.
XRP / USD
XRP dropped critical support at $ 0.17372, but hit a wall in the 20-day EMA ($ 0.20). This indicates that the purchase has dried at higher levels. If the price drops from the current levels and falls below the 50-day simple moving average, it is likely to drop to $ 0.17372.
Conversely, if the bulls are pushing the 3rd place cryptocurrency in CoinMarketCap above the 20-day EMA, it is possible to switch to the downtrend line. This level can still serve as a resistance, but a rally of $ 0.23612 is possible if it is exceeded.
Since both moving averages are flat and the RSI is close to 50 levels, it indicates a balance between bulls and bears. Therefore, traders can wait on the sidelines until the bulls show that they are under control again.
BCH / USD
Bitcoin Cash (BCH) faces resistance at the 20-day EMA ($ 243). If the price drops from this level, the bears will try to pull the altcoin back to $ 200.
Conversely, a break above the 20-day EMA could raise the 5th place cryptocurrency in CoinMarketCap to $ 280.47.
Flat moving averages and the near-midpoint RSI indicate a balance between supply and demand. The next trend move is likely to start with just a $ 280.47 break or a break below $ 200. Until then, the BCH / USD pair will stick to the range.
BSV / USD
The leap in Bitcoin SV (BSV) stood close to the 20-day EMA ($ 196). Both moving averages are flat and the RSI is located just below the midpoint. This shows that there is a balance between supply and demand. If the price drops from the 20-day EMA, there will be a $ 170 retest on the cards.
Conversely, a break above the 20-day EMA could move the # 6 cryptocurrency in CoinMarketCap to $ 227. The BSV / USD rate is in a well-defined range. Therefore, the best place to start a trade is to buy near support and sell near resistance. Another possibility may open after the currency exits the range, as it will indicate the possible start of a new trend movement. Until then, traders should trade carefully.
LTC / USD
Critical support dropping from $ 39 faces resistance at the 20-day EMA ($ 44.42). This indicates that the purchase has dried at higher levels. While both the moving averages and the RSI are below the midpoint, Litecoin (LTC) can be consolidated for several days.
If the 7th cryptocurrency in CoinMarketCap drops from the current levels, a retest is possible in the $ 39 area. If the price gets this support back once again, it may offer an opportunity to buy.
On the upside, if the bulls could raise the price above the 20-day EMA, a move towards the downtrend line and then $ 50.7864 – $ 52.2803 is possible.
BNB / USD
Binance Coin (BNB) has been fluctuating between $ 18.1377 and $ 13.65 over the past few days. The sharp jump in the support of the product line carried the altcoin to $ 16.30, which acts as a resistance.
This suggests that the bears will show strong resistance between the $ 16.30 and bearish trend line. If CoinMarketCap’s 8th place crypto asset drops from this level, it is possible to drop to $ 13.65.
Conversely, a break above the downtrend line will clear the path for a move towards the resistance of the range to $ 18.1377. A break in December will be a positive move as it will continue to rise towards $ 21.50.
EOS / USD
EOS is trying to get out of the bearish trend line. If successful, there is a high probability of rising to $ 2.8319. This is an important level to watch out for, because if altcoin turns down here, there will be a risk of creating a downward head and shoulder pattern right shoulder.
This setup will complete with a drop and close under $ 2.3314. If this happens, the main target of the H&S pattern will be $ 1.5524 because it will reveal a major negative situation.
Both moving averages are horizontal and the RSI is close to the center, indicating a balance between supply and demand.
A rally is possible in the resistance zone of $ 3.1104 – $ 3.1802, if the bulls could raise the 9th cryptocurrency above Coin $ 2.8319 in CoinMarketCap. Above this region, EOS / USD seems to gain momentum.
XTZ / USD
Tezos (XTZ) is at a critical level as the price is squeezed between the 20-day EMA ($ 2.58) and the rising channel’s support line. A break and closing (UTC time) above the 20-day EMA will continue its upward movement.
The first target above is the bearish trend line. On top of this, the rally could extend to the resistance zone of $ 3.07369 – $ 3.2712. Therefore, a break above the 20-day EMA could offer investors an opportunity to buy.
On the contrary, if the bears drop the cryptocurrency below the support line of the rising channel, a $ 2.24 retest is possible. A break below this level may initiate a bearish trend.
XLM / USD
Stellar Lumens (XLM) remains in an uptrend, but the bears have been defending the uptrend line for the past three days. However, the positive is that the bulls do not give up too much and keep the price above the 20-day EMA ($ 0.067).
Soon, bulls are expected to take another attempt to drive the 11th cryptocurrency above the up trend line in CoinMarketCap. If successful, the upward move is likely to continue with the first target $ 0.076994 and then $ 0.088311. Conversely, if the XLM / USD pair drops below the bearish trend line or current levels and falls below the 20-day EMA, a re-test of $ 0.060 is possible. A break below this level will indicate a possible change in the trend.